The Survival Of Children's Savings Guide


What is Savings?


Savings is a seed that you plant and it will grow until the water flows into it. 


  • If you plant the seed inside the house, you should pour water —- likewise, if you make savings in your house, you should add money until you reach your goal.

  • But if you plant the seed outside the house, the surroundings will also pour water on your seed like rain — likewise, if you make savings in a bank, apart from your savings you will get interest from the bank.


Savings do not differ from person to person. Though you are a person born with a silver spoon in your mouth, you should save the money. Although you are a person with no background, you should save the money. You must save for your living. 


Savings is a miracle habit that must be taught to children and encourage them to save. There are so many questions that arise in your mind like How to save money,  How to save money from salary,  How to save money as a student, How to save money each month, Methods of saving money, and Ways to save money. In this blog, you are going to witness the answers to all the questions and savings guides for children. If you are a parent, this blog is for you.

Essence of Savings! - How to Save Money


Try to teach how to save money to your children. Like the following: Not only money savings, there are so many savings. If you save any other items or memories or your favourite things, after ages you go through them, you will get a smile on your face and heart. That is the nature of savings. Savings increase it's worth day by day.


Despite many savings, Money Saving is the most significant thing you must do every day.  It will enrich mental health and happiness after ages. Savings help in the following scenarios,


  • If you plan a trip, you can use your savings for the Traveling Expenses.

  • If your relatives/friends/families have any medical emergency, you can use your savings for the Hospital Expenses.

  • If you plan to build a house, you can use your savings for your Self-Developing Expenses.

  • If you plan to do higher studies of your own, then you can use your savings for your Educational Expenses.

  • If your relatives/friends/families need money for their lives as an Emergency Expense, you can give your savings to them with interest and grow your savings.

  • If you become old, then your savings will help you as a Right-Handed Expense for your independent living.


Yes, there are plenty of scenarios available. That means plenty of ways we have to address the children about the essence of savings.


Savings Makes Havings

Table: How to save money

Address to Children!


As a parent, you must try to teach the children how to save money from salary, how to save money as a student, and how to save money each month. Plant in their mind as Saving is a good habit, which you must pursue at a young age. Teach the essence of living within their means which is the principle of savings.

Ways To Save Money!


The life of the building depends on the foundation, likewise, you must instruct the methods of Saving money for your children.


  • Speak about Savings, Budget, and Goals and make them involved in your conversation.

  • Fund the children for their work.

  • Deposit that money in the children's account at their bank. In the case of younger ones, they can save their money in a piggy bank at home.

Guides to Parents!


Here is some valuable guidance to the parents that makes them even closer to making their children better savers. 


Discussion -

Foundationally,  teach their children the difference between wants vs needs. Needs cover the basics, including food, education, shelter, necessary clothing, and healthcare. Wants are all additions including luxury things from a car to a smartphone. Whenever you have time, talk about your savings, earning money, and daily home expenditures with your child. And keep the conversation going on every day without any hesitations.

 

Earning -


Allow them to earn and save their own money through chores, which help them to learn their hard work. Set goals for savings for your children. 


For Instance - If they want to buy a comic book worth 100 rupees, you will split those worth into bits of four, and then give them a weak allowance of 20 rupees for their chores. Afterwards, tell them to save their weak allowance for getting their comic book. From that, they also knew, that they only get a comic book, if they save their weak allowance. Through this, they learn to save to achieve their goal.   


Inducements - 


Make your child more interested in savings by rewarding them for completing halfway to their savings goal. This will give them an extra boost for moving forward. Once your children want to become a saver, hand over a place for saving as of piggy bank or savings account at a bank depending on their age. 


Teach them to hunt their expenditures by listing down all their daily buys. They must know where their money is going. From that list, they can get an idea to reach their savings goal by simply cutting off their unwanted buys. Don’t rush yourself to drive your children away from errors. Let them learn from their mistakes.


Lender - 


If your child wants something, but they are not patient enough to wait until they reach their savings goal. As a parent, be a lender with interest. You can take money from their weak allowance as long as the credited money is reached along with interest. 


If they wait until their goal is reached, they can get their desired item without interest. Through this they learn, not to live beyond their means.    


Conclusion! 

From this blog, you can get an idea about how to save money, how to save money from salary, how to save money as a student, how to save money each month, methods of saving money, and ways to save money.

Constructing useful habits at a young age makes them less financially stressed adults in the future. Every child is a sponge that absorbs all the activities around them, So make yourself stick to your savings goal. From you, your children learn the essentials of savings. It is not possible to be perfect at all times, but aim for your best. Have in mind that No one is perfect and no family is perfect!  


Cheers,

Abarna Balagurusamy


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